I am looking at a property that is 4,000.00 and is in need of extensive work.

They have some great loan terms for existing properties but are very picky and the checklist is extensive to get to closing.I guess it's a balance of lenders protecting their interest and the borrower trying to get the best terms possible.

(No, we don't need to restart that whole discussion refer to:  http://www.biggerpockets.com/forums/93/topics/9578... for an extensive dialog on the topic)

On the other hand I network EXTENSIVELY online!

@Patrick Allen I am in the Tucson area as well, and the 4plexes I have seen need extensive repair.

I have another HML telling me they may be able to close in a week but no promises...HUD offers extensions for legit reasons at $15 per day.

anyone have a similar situation. going to call lender after i get owners authorization and try and ask for an extension. anything you think i need to do just drop a comment and ill update as i go along. thanks. 

It is unlikely you can get a property with just $11K.The subject of self-directed retirement accounts have been discussed on this forum extensively, I suggest you take the time to search and read other threads. 

@Frank Gallinelli's "What Every Real Estate Investor Needs to Know About Cash Flow" would be REI book to have in your library.

Hi Chris,Yes most people analyzing deals on these forums provide an extensive list of every number you can think of when often their basic numbers don't work out.